We are pleased to announce the closing of the Nimbus financing where Astris advised Altano Energy, the renewables investment platform backed by UK firm Pioneer Point Partners, in relation to the total financing of an installed hybrid capacity of 107.6 MW, comprising 11 operating hydro plants and a solar PV plant to be operational by 2024.
The project revenues will benefit from a long-term PPA for the entire portfolio, taking advantage of the complementary mix of technologies and geographical diversification.
This unique and innovative financing brings several important benefits for Altano Energy in terms of structure, leverage and cash flow stability for the shareholder. The transaction was arranged and financed by Santander Corporate & Investment Banking, which provided the +90M€ senior financing facilities.
Astris Finance acted as exclusive financial advisor to Altano Energy.
December 2022 - Astris Finance Congratulates its Client JERA Co., Inc. on the Successful Acquisition of a 35.1% Stake in Gia Lai Electricity Joint Stock Company
Astris as financial advisor to JERA Co. Inc. (“JERA”), Japan’s largest power generation company, in relation to its acquisition of a 35.1% stake in Gia Lai Electricity JSC (“GEC”, HOSE:GEG), the energy development arm of prominent Vietnamese conglomerate TTC Group. JERA acquired the stake via a full buy-out of the GEC shares previously held by International Finance Corporation (“IFC”) and AVH Pte. Ltd (“AVH”), the investment vehicle of Armstrong S.E. Asia Clean Energy Fund Pte. Ltd. The transaction cleared local regulatory approvals and reached closing in December 2022. For this mandate, Astris teamed up with Viet Capital Securities JSC, Vietnam’s leading independent investment banking firm.
GEC’s platform consists of a mix of run-of-the-river hydro, solar, and wind assets in various stages of development and operation:
500+ MW operational capacity, including ca. 300 MW solar assets and ca. 150 MW wind assets; and
1.5+ GW of development pipeline comprised largely of utility-scale wind and solar plants, as well as rooftop solar systems.
As Japan’s largest power generation company, JERA boasts ca. 77 GW of domestic and overseas power generation capacity (including projects under construction), responsible for approximately a third of the total nationwide power generation in Japan.
JERA’s corporate vision for 2035 is “to scale up its clean energy platform of renewables and low greenhouse gas thermal power, sparking sustainable development in Asia and around the world.” GEC’s portfolio is expected to contribute meaningfully to this goal and aid with JERA’s targeted expansion in Vietnam as a priority market. To this end, JERA also announced in March2022 the start of the full-scale operation of its Vietnam subsidiary, JERA Energy Vietnam Co., Ltd., to serve as its base for operations in the country.
In a press release regarding the transaction, JERA Asia CEO Toshiro Kudama said, “Since our investment in Phu My 2.2 in 2005, we have viewed Vietnam as an important market in ASEAN and have sought opportunities to strengthen ties between our two countries. As one of Japan’s leading energy companies, our objectives are to contribute to both economic growth and decarbonization across Asia, and this investment represents another milestone in this effort. As a shareholder in GEC, we will support GEC’s expansion of renewables in Vietnam.”
Hugo Virag, Co-Head of Astris Finance’s operations in Southeast Asia, said: “We thank the JERA Tokyo and JERA Singapore teams for their confidence in Astris Finance’s capacity to help JERA complete its first investment in the Vietnamese renewable energy market. We are very pleased with the outcome of this intense M&A process leading to the closing of a rare and complex acquisition by a foreign investor on the Ho Chi Minh City stock exchange. We are hopeful that this transaction has brought about a well-balanced joint-venture between JERA and the controlling shareholder TTC Group.”
Fabrice Henry, CEO of Astris Finance, added: “At the COP27 meeting in November 2022, Vietnam reaffirmed its ambition to be at the forefront of energy transition. Under the latest draft of the country’s energy sector development plan (known as the PDP8), the country is looking to boost its installed renewable energy capacity from [16] GW currently to [30] GW by 2030. This will require the mobilization of significant capital and the injection of cutting-edge technology, notably to accelerate offshore wind development. We expect the TTC-JERA joint venture in GEC to play an instrumental role in this plan, and to be of strong mutual benefit to the two partners.
This is the fourteenth M&A transaction closed by Astris in the global renewable space in the past twelve months, and the third in Southeast Asia in the past 18 months.
December 2022 - Astris advises Vauban in connection with the acquisition of a portfolio of 3 windfarms totaling 170MW located across the Nordics
Astris Finance congratulates its client Vauban Infrastructure Partners (“Vauban”), a leading European infrastructure & energy investment fund, on the acquisition of 100% of Nordic Renewable Power Holding (“NRPH AB”) from Green Investment Group.
NRPH AB is a portfolio of three windfarms located across the Nordics. The three windfarms, totaling 40 wind turbines for an aggregated capacity of c. 170MW, are fully operational and contribute to provide sustainable energy solutions to local communities and industrial players in the region.
The portfolio is backed by a solid contractual framework with long term operating contracts with leading players and long term offtake agreements with high creditworthiness counterparties.
Astris acted as exclusive financial advisor, supporting Vauban from the binding offer of the transaction until first disbursement.
This landmark transaction further demonstrates Astris’ premier position in the European renewable energy advisory market, where we are currently advising across 8 different countries.
October 2022 - Astris Finance congratulates its client Amarenco on the successful financing of a 80MW solar PV portfolio in Spain
We are pleased to announce the closing of Project Guadiana in which Astris assisted Amarenco, a leading, Irish-based Solar IPP, in the financing of a portfolio of solar assets.
The transaction includes the refinancing of a 49MW project that has been operating since March 2021 and the financing of two greenfield solar projects, with an aggregate installed capacity of 80MWp. Signing of the financing facilities occurred in June and this month the last project of the portfolio reached financial close which enables Amarenco to fully utilize the 45M€ senior financing facilities.
In addition to the senior facilities, Astris assisted Amarenco to recycle the bridge loan that was raised to finance construction into a mezzanine facility, leading to a total debt package of 82M€. The projects will benefit from a short-term PPA.
The Guadiana transaction is part of a pipeline of Solar PV ground-mounted assets that Amarenco is currently developing in Spain.
The new financing brings several important benefits to Amarenco in terms of structure, leverage, and cash flow stability for the shareholder. The senior financing facilities have been provided by Rabobank, Unicredit and ING.
Astris Finance acted as exclusive financial advisor to Amarenco.
October 2022 - Astris Finance congratulates Sonnedix on the successful acquisition of ARCO, one of the largest independent renewable power producers in Chile.
Astris Finance congratulates its client Sonnedix on the successful acquisition of 100% of ARCO, one of the largest independent renewable power producers in Chile. Astris acted as exclusive buy-side financial advisor to Sonnedix in the transaction.
Arco is a large solar and wind generation platform in Chile consisting of 290MW of operational capacity and 200+ MW under development, previously owned by Arroyo Investors. The assets are geographically diversified across the country and include both utility scale and small-and-medium sized generation facilities (known in Chile as “PMGDs”). While Sonnedix has been active in the solar PV space in Chile since 2015, the ARCO investment represents Sonnedix’s first foray into the Chilean wind sector. In combination with Sonnedix’s existing assets, the portfolio will grow the company’s local Chilean presence to over 1GW of total capacity, and 7.4 GW globally.
Tobey Collins, Head of Astris Americas, commented “We are delighted to have advised Sonnedix in this landmark purchase in Chile. After several collaborations in Europe, we are particularly happy to celebrate our first successful transaction with Sonnedix in the Americas region."
Astris Finance acted as financial advisor to Sonnedix on the acquisition -- the second successful M&A buyside closing in Latin America for Astris over last year, following advising the Celeo Group on the acquisition of Colbún Transmisión in 2021. This transaction further strengthens Astris position as the leading financial advisor in the Latin American renewable space where we have closed 15 transactions in the past 5 years for an installed capacity in excess of 2GW.
October 2022 – Astris Finance Congratulates Q-Energy for the Successful Debt Closing of EUR 96m for a 113MWp (87 MWac) Solar PV Project Located in Poland
The solar PV plant will be located in Milkowice, Poland, with a total installed capacity of 113MWp (87 MWac). It is the first project that Q-Energy builds in Poland and one of the largest solar PV plants in Poland to date.
The transaction is a pathfinder in the Polish renewable space, with a Euro-denominated PPA and a Euro-denominated financing. The € 96 m term facility was provided by PKO BP as sole lender.
The Project is currently being constructed and completion is expected to be achieved in December 2024. The energy generated by the solar farm will be sold to Amazon under a long-term, corporate power purchase agreement (CPPA). Amazon is the world's largest corporate purchaser of renewable energy and this CPPA will help Amazon on its path to power its operations with 100% renewable energy by 2025, five years ahead of its original target of 2030.
Astris acted as exclusive financial advisor to Q-Energy in the structuring and closing of the transaction. Since 2018, Astris has developed a significant expertise in the Polish renewable energy sector: we have closed 7 debt financing and M&A transactions in this market for an aggregate value of close to € 1 bn, and our teams are currently managing 3 active processes.
October 2022 - Astris advises DIF Capital Partners for the closing of a partnership agreement with the leading global renewable energy platform Qair
Astris Finance congratulates its client DIF Capital Partners (“DIF”), a leading global independent investment manager, for the closing of a partnership agreement whereby DIF will invest in Qair, a fast growing renewable energy platform company, to accelerate its growth and portfolio build out.
The transaction, which closed in September 2022, took the form of a minority investment by DIF, through DIF Infrastructure VII, in the platform owning the assets.
The platform is focused on a wide range of technologies including onshore as well as offshore wind, utility scale solar, energy from waste, hydroelectricity, storage, hydrogen production, as well as tidal energy. The operational portfolio of ca.1 GW is mainly comprised of onshore wind for c. 75% and solar projects, and the development pipeline capacity amounts to up to 25 GW.
Astris acted as exclusive financial advisor to DIF. Astris has a long-standing relationship with DIF, for which it has acted as exclusive advisor on several M&A and senior debt financing transactions over the past few years.
This landmark transaction strengthens Astris’s position in the European renewable sector, where we have executed 12 transactions since January 2022 (out of which 7 in the M&A space) and are currently managing several processes in France, Spain, Italy and Germany.
September 2022 - Astris Finance congratulates its client Equitix for the successful refinancing of the Grünwald geothermal plant in Germany.
Following the acquisition of the Geothermische Kraftwerksgesellschaft Traunreut mbH (“GKT”) from Grünwald Equity in Q1 2022, Equitix has now reached financial close on the refinancing. Astris acted as exclusive financial advisor to Equitix on both processes.
GKT is a geothermal combined heat and power generation facility connected to a district heating network in Bavaria, Southern Germany. The plant was commissioned in 2014 and currently has 42 years of remaining operating life, its primary objective being the production of electricity and heat from thermal brine energy. The facility has an electricity generation capacity of 5.5 Mwel, with an expected yearly production of c. 34 GWh, and a heat generation capacity of 12 MWth, with an expected yearly production of c. 43 GWh. The project will help avoid c. 20kt of CO2 emissions per year.
”We are very pleased we advised Equitix in connection with the refinancing of this combined heat and power geothermal plant in Germany. The transaction shows the attractiveness of refinancings for operational assets benefitting from a strong feed-in-tariff framework.” said Theoharis Saroglou, Director of Astris's Hamburg office.
This is the third successful closing for Astris Germany in 12 months. Currently Astris Germany is advising clients both on the financing of large-scale greenfield projects and on renewable energy M&A processes.
September 2022 – Astris Finance Congratulates its Client Fotowatio Renewable Ventures (FRV) on the Successful Greenfield Financing of a 123MW Solar Portfolio in Spain
September 2022 – We are pleased to announce the closing of the Carmonita Norte Cluster financing in which Astris advised FRV, a leading Spanish developer with a significant footprint in the global renewable space, in connection with the financing of a 123MW solar portfolio composed of 3 green field projects located in Spain.
Once the plants are operational, project revenues will benefit from a long-term PPA. This portfolio is part of a larger set of Solar PV ground-mounted assets, currently at financing stage.
This new financing brings several important benefits for FRV in terms of structure, leverage, and stability of cash flow to shareholders. The transaction was arranged and financed by ING, MUFG and Santander Corporate & Investment Banking which provided the +80M€ senior financing facilities.
Astris Finance acted as exclusive financial advisor to FRV.
September 2022 – Astris Finance acted as exclusive financial advisor to The Blue Circle in connection with its latest capital raise leading to a strategic partnership with ACCIONA Energía.
Astris Finance is very pleased to announce the successful closing of the third round of capital raise of The Blue CIrcle, a leading Singapore-based developer of wind projects in Southeast Asia. The transaction includes a US$34 million equity investment by Acciona Energia in The Blue Circle and a commitment up to US$113.5 million to provide equity for projects that reach ready-to-build status.
The Blue Circle has 84MW of operating wind projects in Vietnam –in which it maintains a 50% voting stake–, and a 1.4GW+ pipeline of projects at an advanced stage of development. The total portfolio under development amounts to 3.8GW spread across Vietnam, Thailand, the Philippines, Cambodia, Indonesia, Laos and Sri Lanka.
Astris Finance acted as exclusive sell-side financial advisor to The Blue Circle with the mandate to raise adequate capital to sustain the platform’s expected growth over the next five years while minimizing the dilutive impact on the controlling shareholder’s stake in The Blue Circle.
Olivier Duguet, CEO and Chairman of The Blue Circle commented: “We mandated Astris Finance with very specific conditions in terms of partner profile, expected valuation and governance structure, not to mention a “not-to-be missed” long-stop date for completion. Astris entirely managed the process leading to this new partnership with Acciona Energia which is fully aligned with our requirements. I am very thankful for Astris’s commitment, creativity and professionalism in executing this transaction in a timely fashion at this pivotal moment of The Blue Circle’s development.”
Hugo Virag, who heads Astris Finance’s operations in Southeast Asia, said: “We thank Olivier Duguet and The Blue Circle’s shareholders for their renewed confidence in Astris Finance’s capacity to help The Blue Circle raise fresh capital since its very first steps in Southeast Asia, beginning with the long-term, non-recourse project financing of its landmark Dam Nai wind farm in Vietnam back in 2017. We are very pleased with the outcome of this intense six-month competitive process leading to the closing of a well-balanced joint-venture between The Blue Circle and Acciona Energia complemented by an innovative, non-dilutive funding structure.”
Fabrice Henry, CEO of Astris Finance, added: “There is no doubt that the Southeast Asian renewables market is poised for a strong acceleration in the next couple of years, with the upcoming Thai wind program, the launch of a new series of auctions in the Philippines, and the advent of an ambitious PDP8 in Vietnam in particular. In this context, we believe that the partnership we helped establish between The Blue Circle, a regional pioneer, and Acciona, a global renewable powerhouse, will play an instrumental role in helping the region reduce its dependency on fossil fuels.”
This is the tenth M&A transaction closed by Astris this year in the global renewable space, and the third in Southeast Asia in the past 12 months.
May 2022 - Astris Finance advises on partnership for 400 MW+ ready-to-build solar portfolio in Spain and Italy.
The recent acceleration of government deployment targets for renewable projects in Europe, boosted by the current geopolitical situation of the continent, is leading to an increasing number of transactions whereby local developers syndicate their equity interest in their development portfolio to financial or strategic investors, typically at Ready-to-Build (RtB) stage.
The Spanish market is particularly well suited for this type of partnerships given the strong local hurdles that must be overcome to bring projects to RtB, notably in terms of access to the grid. In this specific transaction, Astris advised the developer in the structuring and placement of an efficient co-investment by a financial investor to recycle the client’s development equity investment in a 400+ MW pipeline located in Spain and Italy -- allowing our client to accelerate the growth of their development pipeline.
Gonzalo Ruiz de Angulo, Head of Astris Finance for Spain, Portugal and Poland, said: “We are very pleased we were able to structure the right partnership and source the right partner for our client. The partner brings competitive long-term capital and in exchange gets access to a quality pipeline of RtB projects. This transaction confirms that the RtB stage is a nice meeting point for developers and investors in terms of risk-return combination in the Southern Europe renewable sector.”
Astris Finance acted as exclusive sell-side financial advisor on the transaction. This is the seventh European renewable partnership on which Astris advised on the sell side in the past 24 months.
March 2022 – Astris Finance Congratulates its Clients Prosolia Energy and Omnes Capital for the Successful Debt Closing of a 63MW Solar Portfolio of Projects located in Spain and Portugal.
The three solar PV plants are located in Spain and Portugal with total installed capacity of 63MW, adding a significant number of megawatts to Prosolia’s 200MW portfolio. These projects are a first step within a strategic agreement between Prosolia Energy and Omnes Capital for the development, construction, and operation of a portfolio of utility-scale solar projects of more than 2GW in Europe. The senior debt facilities were provided by Sabadell.
The Spanish project has secured a 12-year tariff through a government-sponsored renewable auction, while the two Portuguese projects will benefit from merchant revenues only. The projects are expected to reach COD during the course of Q1 2023.
Astris acted as exclusive advisor to Prosolia Energy and Omnes Capital on the senior debt raising for this first batch of projects currently being developed by Prosolia Energy. Since 2017, Astris has developed a deep expertise in the Iberian renewable energy sector and has closed over 10 financing and M&A mandates.
March 2022 – Astris Finance Congratulates its Clients Valeco, Mirova and GEG for the Successful Refinancing of a 220MW Wind and Solar Portfolio
We are pleased to announce the closing of the “Lily” project in which we assisted Valeco, a French leading developer, fully owned by the German utility EnBW, Mirova, a French leading asset manager with a significant footprint in the European renewable space, and GEG, a local French developer and electricity provider, in the EUR 300m refinancing of a 220MW wind and solar portfolio composed of 13 projects located in France and benefiting from 15-20y CfDs with EDF.
Project Lily consisted in the refinancing of three sub-portfolios which have been structured based on the existing ownership of the projects, for a total debt amount of EUR 300m. The new financing brings several important benefits for the sponsors: a maturity extension, a lower debt service coverage ratio, the replacement of the existing DSRAs by an unfunded DSRF, the implementation of an optimized and flexible financing structure and a significant reduction in financing costs. The transaction was arranged and financed by Crédit Agricole Group, Caisse d’Epargne CEPAC and BPI.
Astris Finance acted as exclusive financial advisor to Valeco, Mirova and GEG.
February 2022 - Astris Finance congratulates its client Equitix for the successful acquisition of the Grünwald geothermal plant in Germany.
Astris advised Equitix on the acquisition of 100% of the shares in Grünwald Equity Geothermie GmbH (“GET”). The plant was sold by Grünwald Equity. Astris Finance acted as buy-side financial advisor to Equitix.
GET is a geothermal combined heat and power generation facility connected to a district heating network in Bavaria, Southern Germany. The plant was commissioned in 2014 and currently has 42 years of remaining operating life, its primary objective being the production of electricity and heat from thermal brine energy. The generation facility has an electricity generation capacity of 5.5 Mwel, with an expected yearly production of c. 34 GWh, and a heat generation capacity of 12 MWth, with an expected yearly production of c. 43 GWh. The project will help avoid c. 20kt of CO2 emissions per year.
”We are very pleased we advised Equitix in connection with the acquisition of this combined heat and power geothermal plant in Germany. The transaction shows the attractiveness of the German market and underpins once again that international investors are keen to invest in operational assets which benefit from a strong feed-in-tariff framework.” said Theoharis Saroglou, Director of Astris's Hamburg office.
This is the second successful closing for Astris Germany in six months, following the Q4-2021 closing of the sale of a wind portfolio managed by German asset manager KGAL to Italian renewable IPP ERG, for which Astris acted as sell side advisor to KGAL.
November 2021 – Astris Congratulates its Client Marguerite for the Successful Acquisition of an Equity Participation in ZE Energy
We are pleased to announce the closing of Project Zeus, for which Astris advised Marguerite, a leading European investment fund. The transaction consisted in the acquisition of an equity stake in French company ZE Energy through a capital increase. Astris acted as exclusive financial advisor to Marguerite.
ZE Energy was founded in 2019 by an experienced management team of former Solairedirect and Engie employees. It is an integrated solar-plus-storage developer whose business model relies on a combination of solar PV, battery and aggregation activities. Its main markets are France, Spain, the UK, Italy and Germany. Through this capital increase, Marguerite will own a significant stake in ZE Energy, alongside existing investors.
This landmark transaction further strengthens our relationship with Marguerite, whom we advised two years ago for the sale of their French solar portfolio. It will also undoubtedly pave the way for additional work in the fast-growing storage sector.
November 2021 - Astris Finance congratulates its client Urbasolar for the sale of two French greenfield solar portfolios representing c. 400MW
November 2021 - Astris Finance congratulates its client Urbasolar, one of the largest vertically integrated solar power producers in France, 100% owned by Axpo (the largest Swiss producer of electricity from renewable sources) for the signing of the Cassiopée Transaction, which consisted of the sale of a participation in two French greenfield solar portfolios with an aggregate capacity of c. 400MW to Predica (Crédit Agricole Assurances), a leading French insurance company. Astris acted as exclusive financial advisor to Urbasolar.
The acquisition, made by a dedicated vehicle named PredUrba, is the first milestone of an ambitious partnership agreed between the two parties, in which Predica will have the opportunity to acquire up to 2.4GW of solar assets located in France and potentially other European countries in the next 3 years.
"Since the beginning of 2020, it is the fifth partnership between a renewable energy developer and a financial investor which Astris has successfully arranged. This trend illustrates the growing interest of the market for these partnerships, which are a clear win-win proposition: they allow the developer to finance its growth by accessing equity at a competitive cost from an experienced investor, and they allow the investor to deploy liquidity by accessing a diversified pool of low risk renewable projects from an experienced developer," says Arnaud Germain, Head of Astris France & Germany.
October 2021 - Astris Finance congratulates its client KGAL for the sale of a wind and solar power portfolio with an installed capacity of 152.4 MW in Germany and France
The wind and solar portfolio, managed by KGAL on behalf of a German pension fund through a separately managed account, has been acquired by ERG, the leading Italian listed IPP, through its subsidiaries ERG Eolienne France SAS and ERG Windpark Beteiligungs GmbH.
It comprises 15 SPVs, seven photovoltaic and three wind farms with an installed capacity of 56.7 and 40.6 MW respectively located in France; and five wind farms with an installed capacity of 55.1 MW located in Germany.
The projects were commissioned between 2012 and 2017 and benefit from a feed-in-tariff with an average expiry date of 2032. The estimated total annual production of 273 GWh equals approximately to 2,100 equivalent hours for wind assets and 1,300 equivalent hours for photovoltaic assets, which amounts to 150 kt of avoided CO2 emissions per year.
“Asset divestment is becoming an increasingly important part of KGAL's investment strategy as we focus on an active buy-build-sell approach in our current funds.“ says Michael Ebner, Managing Director of Infrastructure at KGAL Investment Management. “With an experienced advisor like Astris Finance, we can achieve the best possible results for our investors in the transactions.“
”We are very pleased we advised KGAL in connection with the disposal of a scarce and sizeable renewable energy portfolio in Germany and France and to have successfully closed our first mandate in Germany since the opening of our Hamburg office in March 2021.” said Theoharis Saroglou, Director of Astris's Hamburg office. "The transaction shows the attractiveness of the German and French markets and underpins once again that international investors are keen to invest in operational assets which benefit from a strong feed-in-tariff.” added Arnaud Germain, Head of Astris Finance France and Germany.
Astris Finance acted as exclusive sell-side financial advisor to KGAL and involved Astris teams both in Hamburg and Paris.
August 2021 - Astris Finance congratulates Grupotec for entering into a partnership with Glennmont for the development of a 473MW portfolio of Spanish projects
August 2021 - Astris Finance is pleased to announce the closing of the partnership between Grupotec and Glennmont to develop a 473MW solar photovoltaic (PV) portfolio in Central and Southern Spain.
The transaction, one of the largest of its kind this year, was agreed in August 2021 with the Spanish developer and EPC contractor Grupotec.
Grupotec will continue to partner with Glennmont on the construction and operations side, leveraging on Glennmont's track record in building over 1GW of solar power in the last 14 years including 650MW in Spain. The projects will be built using Tier-1 solar technology partners.
The 473MW portfolio marks the latest milestone for Glennmont's Clean Energy Fund III following the launch of BNZ, Glennmont's new independent power producer (IPP). BNZ plans to deploy 1GW of solar PV across Southern Europe bringing Glennmont's total development pipeline of solar PV to over 1.5GW.
Astris acted as co-financial advisor to Grupotec.
August 2021 - Astris Finance congratulates its client Copenhagen Infrastructure Partners (CIP) New Market Fund I for the successful closing of “Project Batavia” in Indonesia
CIP New Market Fund I has entered into a joint venture with the Indonesian affiliate of French Akuo Energy to develop, build and operate an initial 400MW pipeline of onshore wind, solar and run-of-the-river hydro projects in Indonesia.
Niels Holst, Partner and Head of CI NMF commented: “We are delighted to take this first important step together with Akuo who we see as a great partner, and are grateful for the important role Astris played in helping us close this partnership. Indonesia is a market with relatively limited renewable energy penetration, but very significant potential, and is therefore a key focus market for CI NMF. We look forward to delivering best of class, large scale and cost competitive renewable energy to Indonesia.”
CIP’s first investment in the Indonesia renewable energy market comes in anticipation of the publication of a revised national electricity supply plan (known as RUPTL, its Indonesian acronym) for 2021-2030. The plan is expected to increase the proportion of renewable power to 30% of electricity generation in 2030.
Astris Finance acted as exclusive financial advisor to CIP during the privately-negotiated M&A process and involved Astris teams in Singapore, Jakarta, HCMC and Paris.
”We are very pleased we advised CIP NMF I in connection with the structuring and equity financing of this ambitious JV, a rare transaction of scale in the Indonesian renewables sector. We share CIP’s vision for a greener energy sector in the largest consumer market in South East Asia. We wish the new partnership a bright and successful future in Indonesia”, said Hugo Virag, Head of Astris Finance’s operations for South-East Asia.
August 2021 – Astris Finance advises its client TSE for the closing of a strategic partnership with La Banque des Territoires and Siloe
Astris Finance congratulates its client TSE, one of the leading French solar energy developers, for the closing of the Aphaia Transaction, which consisted in designing and establishing a strategic partnership in order to finance the growth of a 1 GW+ ground-mounted solar PV platform located in France.
The transaction, which has closed in August 2021, took the form of a minority investment made by la Banque des Territoires (Caisse des Dépôts) and Siloe (Credit Mutuel Equity Infrastructure Fund) in the platform owning the solar assets.
The partnership consolidates TSE’s ambitious development in the French and European markets.
Astris acted as exclusive financial advisor to TSE.